TIM Brasil Reports Roughly In-Line 1Q Results; Despite Stock Pullback, Shares Slightly Overvalued
TIM Brasil reported first-quarter results that were generally in line with our expectations, and we expect to maintain our $18 per ADR fair value estimate and no-moat rating. We believe that even after today’s 6.4% stock price pullback, the shares are slightly overvalued. The firm reported that revenue grew 4.8% year over year versus our full-year projection of 5%. The firm continues to follow Telefonica Brasil’s lead in pushing postpaid wireless customers. It increased its postpaid base by 20.5...
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